(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

Super Micro Computer ( SMCI ) drops after Q3 revenue miss

*

Amazon ( AMZN ) rises after Q1 results beat

*

Futures down: Dow 0.24%, S&P 0.4%, Nasdaq 0.62%

(Updated at 7:00 a.m. ET/ 1100 GMT)

By Shristi Achar A and Shashwat Chauhan

May 1 (Reuters) -

U.S. stock index futures fell on Wednesday as chip stocks

led losses after downbeat results and markets exercised caution

ahead of more economic data and the Federal Reserve's interest

rate decision later in the day.

Advanced Micro Devices ( AMD ) shed 6.7% in premarket

trading after its forecast for AI chip sales failed to impress

investors, while Super Micro Computer ( SMCI ) lost 11.5% as the

artificial intelligence server maker reported third-quarter

revenue below estimates.

The weak results pressured other chip stocks as well, with

Nvidia ( NVDA ) and Micron Technology ( MU ) down more than 1%

each.

While most megacap growth stocks fell, Amazon.com ( AMZN )

bucked the trend to rise 2.2% on reporting quarterly results

above market expectations as interest in artificial intelligence

helped drive cloud-computing growth.

Investors will now await a slew of economic data during the

day to further gauge the state of inflation in the U.S. economy,

before tuning in to the Fed's interest rate decision at the end

of its two-day meeting.

On the docket for the day are the ADP National employment

numbers for April at 8:15 a.m. ET, the April S&P Global final

manufacturing PMI data shortly after the opening bell, the ISM

manufacturing PMI data and the JOLTS job openings figures, both

at 10 a.m. ET.

"FOMC meeting is likely to confirm that, from a global

perspective, the script has flipped," said Brendan Murphy, head

of global fixed income, North America, at Insight Investment.

"Everyone thought the Fed would be the first or one of

the first central banks to cut rates this cycle, now it looks

like it will be one of the last."

Money markets expect the U.S. central bank to stand pat on

rates later in the day, pricing in just about 28 basis points

(bps) of rate cuts this year, down from around 150 bps seen at

the start of 2024, according to LSEG data.

A sharp pullback in rate cut bets and tensions in the Middle

East made April a rough month for U.S. equities, with all three

stock indexes posting their first monthly loss in six.

Their performance in May will be put to the test as the rest

of the first-quarter earnings season continues and the interest

rate outlook becomes clearer.

Over the last 50 years, the S&P 500 has gained an

average of 4.8% between November and April, and just 1.2%

between May and October, according to Reuters calculations,

giving rise to the popular market adage "Sell in May and Go

Away".

At 07:00 a.m. ET, Dow E-minis were down 87 points,

or 0.24%, S&P 500 E-minis were down 20.25 points, or

0.4%, and Nasdaq 100 E-minis were down 109.25 points, or

0.62%.

Among other movers, Starbucks ( SBUX ) dropped 12.8% as the

coffee giant cut its annual sales forecast after reporting a

fall in same-store sales for the first time in nearly three

years.

CVS Health ( CVS ) shed 10.7% after the healthcare giant

slashed its annual profit forecast and missed Wall Street

estimates for first-quarter earnings.

(Reporting by Shristi Achar A and Shashwat Chauhan in

Bengaluru; Editing by Devika Syamnath)